Nokia HERE reported 18 percent decrease in Q2 revenues to €233 million.
The decrease in revenue is despite its increasing client list to integrate its automotive grade quality maps, traffic and location services.
These major clients include — Hyundai in 15 EU countries, Ford Traffic in Germany; Honda Russia, Renault Russia, Opel Russia; Mitsubishi Motors North America, Toyota Argentina, Toyota Brazil; Mitsubishi Australia, Nissan Australia, Honda Malaysia and Renault India.
Nokia says the year-on-year increase in external HERE net sales were due to higher sales to vehicle customers as well as non-recurrence of a negative sales adjustment made in the year ago quarter related to historical license fees in the normal course of business for a particular customer.
The sequential increase in external HERE net sales were due to higher sales to vehicle customers and to a lesser extent higher sales to its personal navigation device customers.
The year-on-year and sequential declines in internal HERE net sales were due to declines in sales, including lower recognition of deferred revenue, primarily related to our Smart Devices business unit.